Alternative accounting software for your small business
written by: Matoka
Small businesses like ours need to save every penny they can get their hands on. They might not be able to afford accountants and as such the owners resorted to balancing the books themselves. QuickBooks was one of the first services on the scene, providing accounting solutions to a range of businesses.
In the last number of years though, with the advent of cloud computing, a number of savvy firms have come up with cloud-based accounting software to rival the service offered by QuickBooks. A number of these have been really successful, and we take a look at a handful of these mavericks.
With a neat and intuitive interface, FreshBooks has garnered a large following among small-sized businesses and freelancers. The online accounting service provides a platform that enables users to record products and services, track inventory, keep expansive customer records as well as numerous reports.
The developers of FreshBooks have gone ahead and made more features to add to the platform so as to offer a more wholesome accounting service. These include bank reconciliation and non-invoice income recording, expanded reporting as well as the integration of other partners.
What makes FreshBooks truly unique in this sector is that clients can actually log in to the system and see bills, comment on estimates while also renewing orders from the previous invoice. Get the latest Freshbooks pricing and alternatives here at TheNonAccountant as Noah takes you through the good the bad and the ugly
The basic plan, Lite, costs a monthly $15 that lets you bill 5 clients whereas the Plus plan costs $25 per month to bill 50 clients and Premium goes for $50 per month to bill 500 clients.
Based in New Zealand, Xero has managed to rise to a level that has given QuickBooks cause to peer worriedly over the shoulder. Xero has extended worldwide on a wave of a simple interface and covering all the accounting bases.
Xero has plenty of similarities with QuickBooks but has gone the extra mile to add a number of other features that make it a solid alternative. One of the best features that Xero offers is the ability to seamlessly integrate with other third-party add-ons.
Price plans range from a monthly $9 to $70. Within all these, there is bank reconciliation reporting tools, quotes, invoicing and mobile apps. It also supports numerous currencies at the same time. See this review of Xero at Statoronline for an overview of how it works.
Wave makes this list of alternatives to QuickBooks due to the fact that it is absolutely free. This makes it especially perfect for small businesses just starting out and looking to save operational costs in any way possible.
Wave’s dashboard makes it clear who is in arrears so that you can collect. The cloud-based service enables invoicing, expense management, bank reconciliation, and receipt tracking. These basics are provided free of charge.
To add a payroll feature and payment through the service, however, you have to fork out a small fee.
Zoho Books is a cloud-based bookkeeping tool that offers a wide array of services, many of which are similar to the other platforms. These include the basic receipt tracking, bank reconciliation, estimates, invoicing as well as sales tax support. And can easily integrate into Turbotax ( see MyDealsClub For great deals this tax year )
Zoho Books is particularly efficient if you happen to be using a few other products from the developer like Zoho Projects and Zoho CRM. The bookkeeping arm of Zoho acts the central hub from which you can track the finances in from all your projects.
It is also pretty cost-effective, starting out at a monthly $9 for the basics and topping out at $29 per month for the full package.